Evening Star Newspaper, February 11, 1933, Page 10

W A—10 ¥* WONEN INCRERSE | SECURTY HOLDNGS: Figures Show They Own More Than 40 Per Cent in Largest Firms. BY EDWARD C. STONE. More than 40 per cent of the stock- holders of the largest American corpo- Tations are women, according to the survey just completed by the Adminis- trative and Research Corp., New York, a summary of which has just been re- ceived here. ‘The woman stockholders in these companies ranged from 21 per cent to as high as 49 per cent. Of the corpo- rations surveyed. the lowest percentage of woman stockholders appeared in the Texas Company—of 85082 stock- holders owning 9,851,236 shares there were 28664 women owning 2,163,180 shares, or 21.96 per cent. The highest percentage was the Na- tional Biscuit Co., of which women made up 49.27 per cent. A leading steel porporation had a total of 231,341 stock- ~holders as of March, 1932, ‘and there were 83,815 women who owned shares of the corporation, or 36.6 per cent of the total number. The Standard Oil Co. of Indiana had 35,270 woman stockholders as of .June 15, 1931, as compared with 19,332 in December, 1928. The last available figures show that afiproxl- mately 36 per_cent of the shareholders are women. This company had 102,- 814 stockholders as of last November 15. ‘woman nocllmcggem numl:er 50,612, roximate! T cen .“svomen m;,e lnrpgee holders of rail- road shares, as shown by the figures of the Pennsylvania Railroad. The company had 250,506 stockholders as “of January 1. Of this number 108,201 were women, representing 43.19 per cent of the total. They held as of that date 33.27 per cent of the total stock outstanding and the average holding was 39 shares. In a large Midwest railroad system 47 per cent of the stockholders are women. Approximately 46 P cent of the -stocl ders of one of the largest elec- ~tric companies are women and in an- other corporation in the electrical line ‘woman stockholders amount to 43 per cent, Adams and Investment Trusts. Recently 4t was announced that Charles Francis Adams, who will Soon retire as Secretary of the Navy, had been elected to the advisory board of Massachusetts Investors Trust, in Bos- ton. The magazine Time has this to say of his selection: “Charles Francis Adams, President Hoover’s retiring Secretary of the Navy, Joined the advisory board of Massa- chmem Investors Trust as of Janu- ary 1. Mr. Adams has not announced other plans for re-entering private busi- ness, but he is an old hand at invest- Reputed the < So-t.hem- Income Compared. Preliminary rewrt of Southern Rail. way for year ended December 31, 19!2 -Imn net loss of $11,218,507 after lfll ot $5922M2 in 1931 i Income account for year 1932 - pares as follows: b 6,039,872 6.081,631 1,675.363 .$ 4,406,208 1,900,083 $10,509.494 2.318,388 S 8.281.100 1247789 $11.528.805 17,451.737 $ 5.922.842 . 236,008 : 454.370 Most hvonbly situated areas exist in Southern States at present, says the United Business Service of Boston. Comparing recent figures covering building volumes, check transactions, automobile registrations, electric power consumption, business failures, life in- surance sales, and hardware sales, the !ollowing Southern States are showing ter than average results in relation to a year ago: Arkansas, Kentucky, Louisiana, Mississippi, Oklahoma and ‘Texas. Best ranking States in the East include Delaware, Maine, Vermont, Virginia and West vh-gmn. In the ‘West, Utah ranks highest. Comment in Hnlnclll District. H. H. McKee, president of the Na- tional Capital Bank, observed a birth- . Years ago hc was one of the leaders in the American Bankers' Association. ‘William J. Flather, one of the vice presidents of the R’EBS National Bank, adds another year, some time in Feb- Tuary, to his exceptional service with that institution. None of the officials in other banks in the city have been actively engaged in banking as long as Mr. Flather. He never misses a day at the office, except when on ‘his an- nual vacations, and does much more work than many financiers much his Junior in years. It is stated that the quarterly divi- dend of $1 a share declared by the Lanston Monotype Machine Co., will be paid on February 28 to shareholders of February 17. The dividend was voted this week at the directors’ meet- ing in Philadelphia. Howard J. Jackson, editor of the Bulletin of the District of Columbia Phn 1033~ Stock and 183 1% 3% 2% 8% 897 109% 633% 65% 18% 21 8% 1% 5% 4614 In another largq oil company. __T% 5% Avation Corp (De 6! 3 10% 44% 14% 50 % 98 Consol Oil pf (8).... 52 63% 56 10% 23% 26% 19% 16% 3% 16% 12 27% 1% 41% 14% 20% ™ 6n 20% 6 5614 FINANCIAL. NEW YORK STOCK EXCHANGE Received by Private Wiro Direct to The Star Office. Bales— Alleghany Corp. 2% Alleg Corp pf $30ww 2% Alleg Co pf $30 xw. . 5% Allegheny Steel. ..., % 79% Aliled Chem & D (6. 6% Am Car & Foundry. 19 Am Come’l Alcohol. ., 6% Am European Secur. 5% Am & Forelgn Pwr. 7% Am&Forgn Pw pf(§ 9% Am & For Pwr pf(7). 6% Am & For Pwr 24 pf. 4% Am IceCo..... 6% Am Internatio; 11% Am Mach&Fdy (80c) 16% Am Metal pf. 5% Am Fower & 6 Am Radiator. 7% Am Rolling Mills 11% Am Sm & Ref. , 20% Am Sm & Ref 6% pf. 81 AmSm & Ref 7% pf. 31% Am Stores (12%) 21% Am Sugar (2).. 6% Am Sumatra Tob. 98% Am Tel & Tel (9) 51% Am Tobacco (5)..... 58% Am Tobacco (B) (5) 13 Am Type Fdrspf.... 1% Am Writ Paper pf 6% Anaconda Copper 1% Armour of 11l (A).. 4 Asso Dry Goods, 39 Atchison.... 59% Atehison pf (5) 17% Atlantic Coast Lln‘. . 15% Atlantic Refining(1). 40 Auburn Auto (44)... % Austin Nichols. 53% 13% 1% T 8% Baltimore & Ohio.... 10% Baltlman & Ohlo pf. 6 Bamberger pf (6%).. 2008 39- Barnsdall Corp....., 44 634 Belg N Ry pt pf 4.09 8% Bendix Aviation. 9% Best& Co. . . 13% Bethlehem Steel..... 12% Bonn Alumn & Brass. 19% Borden Co (1.60) 7% Borg Warner. 256% Bkyn Manhat 3 Bucyrus-Erie cv pf. % Budd (EG) Mfg 8% Budd (E G) Mf; 1 Budd Wheel 6. Bush Term’l deb stk. 13 Bush Terminal pf(7) A2% Byers (A M) of (7).. 2 Calumet & Hecla. ..., 8% Canada Dry G A(1). 44% Canada South (3) 10% Canadian Pacifi 39% Case (J I) Co. 50% Case (J I) Co 6% Celanese Cor 1% Celotex pf. 14 Cent Agul 5% Cerro de Pasco. 26% Ches & Ohlo (2%)... 147 Chesa; e Corp (2). tern Ill pf. . 44% Coca Cola (A) (3)... 11 ' Colgate-Palm-P (1).. 13% Columbia Gas (b1).. 9% Columbla Pic ctfs. ... 4% Commercial Credit. .. 23 Comcl Credit A (3).. 72% Comcl Cred 1st(6%). 18% Comel Inv Trust (2). 10 Comecl Solv (§0c).... 2 Comwlth & Southn. . 86% Comwith & Sou pt(6) 6 Consol Film pf...... 51 Consol GasNY (4).. 94% Consol Gas NY pf(5) 4 Consol Laund 50c. ... 5% Consol O1l Corp..... 1% Cons RR of Cuba pf. 86 Contl Baking pf (4).. 38% Contl Can (2).. e ulcusSae m..é.,,. 37% Curtis Publish pf (7)1 1% Curtiss-Wright. - 3% Davega Stores. 1% Davison Chemical 7% Deere & Co (20c). 45 Delaware & Hudun.. 20% Del Lack & Westn. .. 67 Detroit Edison (6)... 18% Diamond Match (1).. 1244 Dome Mines (11.30). 10% Doug Alrcraft (75¢) 33% Drug, Inc (3). 34% Dupont de Ne: 54 Eastman Kodak m 5% Eaton Mfg Co. . 16% Elec Auto-L (1.20).. 86% Elec Auto Lite p£(7). 1 ElectricBoat........ 1% Elec & Musical S wN_aw_fi. - S - S T LTSI T T 3. 28% Elec Storage Bat (2). 26 EngPSpfww (5“)- 5% Erie RR 42 Fed Lt& Trac pt (6). 51% Firestone T&R pt(§) §0 First Nat Strs (2%). 7% Foster-Wheeler..... 12 Franklin Smn pf(7).. 22% Freeport-Texas (2).. 16% Gen Am Tank Clr(l) 13 Gen Baking (2) 2% Gen Bronze. ... 12% Gen Electric (40¢)... 11% Gen Elec spee (60c).. 22% Gen Foods (2)...... 1 Gen Gas& Elec (B) 88% Gen Mills (3).... 12 Gen Motors (1) 13% Gen Ry Signal (1). % Gen Realty & Util 314 Gen Refractories 15% Glilette Saf Raz (1) 5% GliddenCo......... 58 Glidden Co pr pf (7) . 8 s Born oSwars » o e EX -1 % 9 102% 108% lllll|+_|‘++0-¢l E FEFELEFR FEERS + * L =8 52% 5% 13% 1% T 1% 4% 45 66% 25% 16% 2% 6% Ikttt il + | :_l FE F FFEREEFE F OFF FE¥ 1 +++ T+ 11 - e FE FEE BE FREF 1++ | LIV I+ +++ seessasss® gpe g I+ +11+ +4101 EF EFFEE EFFEFE F R R PEREF - 1+l L++ FEF B T & EFE e EFEEF ~Prev. High. % 8% 23% 8% 5% 321 10% 10% 18% 3414 38 14% 4T% 6% 63% 1435 14% 21% 131 32 23% 1 1933~ Stock and Low. Dividend Rate. . 7% Int Nickel of Can. 5% Int Tele & Teleg. 18% Johns-Manville..... . T% Kayser (J) &Co.... 4% Kelvinator Corp..... 80 Kendall Co pf (6). 8% Kennecott Copper... 8% Kresge (SS) Co (1).. 16’5t Kroger Grocery (1).. 28% LambertCo (4)..... 84 LehPortCmtpf3%. 10% Lehigh Valley RR.. 41% Lehman Corp (2.40).. 5% Libbey Owens Glass. 51% Ligg & Myers B (15). 10 Lima Locomotive... 11% Liquid Carbanic. . 15% Loew's, Inc (3). 11% Lorillard (P) (1.20) 21% Louisville & Nash 16% Ludlum Steelpf. ... 18% Mclntyre P M(11%) % McLellan Stores. 14% Mack Trucks (1).... 25% Macy (RH) & Co (2) 1 Mallison & Co.. . 38 Mallison & Co pf. % Manati Sugar pf..... 6 Manhat Elev mod gtd 10 Marine Midid (80c).. % Market Street Ry. 1 Market Street Ry pf. % Market St Ry 2d pf.. 15 Mathieson Alk (13%). 8% Maytag pf ww.. 4% Mid Continent Petn % Minn Moline Pow. 5% Mo Kan & Texas. 1% Mo Kan & Texas pf.. 2% Missouri Pacifie..... 27% Monsanto Chem 1% 12% Montgomery Ward 2% Murray Corp. 13 Nash Chat& StL.,.. sm ™% 2% 5% 13% 4% 31% 43% 2% 1% % 2% 102% Biscuit (2.80)... Nat Cash Reg (A)... 13% Nat Dairy Prod (2).. 17 Nat Distiller: 50 Nat Lead (5). 78% Nat Lead pf B 11% Nat Pwr & Lt (1. 19 Nat Steel (50c) 6 Nat Surety. 614 Nat Tea (60c. 16% N Y Central. 3% N YChllthDf. . 13 N YN H & Hartford.. 25% N Y N H & Hart pt... 7% N Y Ont & Weste: 1% N Y Shipbullding. 31 N Y Shipbldg pf (7).. 17% Noranda Min (a1.18). 5% North Arh Aviation. . 238% Nor Amer(b10%stk). 67 North Am Ed pf (6).; 13 Northern Pacific. . 5% Ohio Oil.. 1% Omnibus Corp, 1% Orpheum Circuit 10% Otis Elevator (1). 3 Otis Steel. 27% Pacific Gas & El (2) N rlaanrBorn relasn cooon - 24% Penney (J C) 90 Penny (J C) of ( 13% Penna RR (h50c 5% Pero Manquette. 6 Pere Marquette 4% Petrol Corp of Am 4% Phelps Dodge. .. 3 Phila& ReadC& I 4% Phillips Petroleum 1 Plerce Ofl. 4% Plerce Ol pf. . % Plerce Petroleum..., 10% Pitts Steel pf.....e0. 6 Prairie Oil & Ga: - 7% Prairle Pipe Line.... 29% 28 Proctor & Gam(1%). 47% Public Sve N J(3.20). 181 Pullman Corp (3). Republic Steel pf.... 26% Reynolds Tob B (3).. % Richfield Oil. . 85 Safeway Stores (3. 8214 Safeway Strs pf (6). 85Y% Safeway Strs pf (7). T% St Joseph Lead....., 15 Seab’d Oil(Del)t50¢.. 17% Sears Roebuck...... 1% Servel Inc.... 4 'Shell Union Ofl. 35 Shell Union Oil pf... 6% Simmons Co.... - 5% “Simms Petrelm (25c) 6% Socony Vacuum 40c., 15% So Port Ric Sug 1.60.. 24% Southern Cal Bd(2).. 15 Southern Pacific 4% Southern Rallway... 5% Southern Railway pf. 14% Standard Brands (1). 17% Stand Gas&EIl pf (4). % Stand Invest Corp. .. 23 Stand Oil Calif (2).. 15 Stand Oil Kansas. ... 24% Stand OIINJ (1). 7% Stong & Webster. 3% Studebaker Corp. 5% Thompson Products. 3% Tido Water Asso Ofl. 41% Tide Water As pf (§) 45 Tide Wat Oll pf (5).. 14% Timken Roller Bg(1) 4% Transamerica Corp.. Srune ar o B o 23% Un Carbide & C(L") 9% Un Ol of Calif (1)... 69% Union Pacific (6).... 11% Un Tank Car (1.40).. 22% Unit Alrcraft..... 56 Unit Afrcraft pf (3).. 12% Unit Carbon. ... 7% Unit Corp (40¢). 83% Unit Corp pf (3) 1% Unit Dyewood. 23% Unit Fruit (2).. 17% Unit Gas&Im (1.20). 94 Unit Gas&Im pt (5).. 8 U S Plpe&Fdry (50¢c) 8% U S Realty & Imp.... 13% U 8 Smtg & Ref (1).. 39% U S Smtg&Ref pf 3% 26 US Steel... 65% U S Steel pf 59 U S Tobacco (4. e B CTASIVE L -§-JRIOT P-4 LH+++ 4+ b4 4| FEFER ER FFEER EF STOCK LIST FIRM .| AT SHORT SESSION +EFFIL Ak L ESSELE FE £ 1A+t FEFSERRES % & 1| &b #F 1+ HHH1+ EFEEFR REF | / I+ +44++1++ EF OEF FEFFFEEE F + 4+ & I+ ¥ 1 - FEEe ¥ EPELFREEE Rail Shares Prove Feature in Light Trading—Sugar Group Gains. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, February 11.—Except for two or three weak spots, prices were %\ steady in today’s week end stock mar- ket. Trading was restricted as to vol- a large measure of evening up commit- ments prior to the double holiday. -Railway shares, as is customary now- adays, gave the best account of them- selves. ~Car loadings were up 11,104 cars on the week, a gain almost entirely due to increased trafic in coal. The total, nevertheless, was 90,731 cars down from the same week in 1932, showing how far the carriers have to go before they recover business com- parable to that of a year ago. The leaders today were Louisville & Nashville and Atlantic Coast Line, each !of which set a new high mark for the recovery. Next to the rails the strongest group was the sugar stocks. Here the in- centive was an almost spectacular rise in raw sugar futures. In midmorning sugar quotations were up 7 to 9 points in the most buoyant market that staple had enjoyed this year. The response in the stock market was most _evident in South Porto Rico and Central Aguir, both of them sell- ing around their best previous prices. Tobacco shares rallied on the news of the cut in the price of cigarettes, which had been discounted marketwise. | The weak spots included Union Car- bide at the lowest this year, Safeway Stores and Curtis Publishing Co. the case of the first named the selling seemed to indicate doubt about the dividend. The rest of the market fluctuated idly back and forth. Oils did a little better, but the net changes were small. Sentiment was improved by the elaborate plans to “stabilize the industry, as an- nounced in the statement by the Amer- ican Petroleum Institute. Union Oil of California reported net for 1932 equivalent to 73 cents a share on its capital stock. was an im- provement on the results for 1931. Considering the nature of the news, - the steel stocks held well. United States Steel was not much changed on the day and although National Steel was off m;ctlona.uy. there was no selling of import.unce from sugar, commodities were qulet whnz and cotton were higher most of the time. Markets at a Glance NEW YORK, February 11 (P).— Stocks steady; tobaccos recover. Bonds ; oil issues strong. Curb ir- regular; some utilities ease. Foreign exchanges steady; sterling firm. Cot- ton higher; favorable Washington re- port; trade buying and covering. Sugar strong; unsettled Cuban political con- diticns. Coffee quict; trade selling. Wa on Produce| |¢ WHOLESALE PRICES. Butter—One-pound prints (93 score), 24; tub, 23; one-pound prints (92 score), 24; tub, 22; one-pound prints (91 score), 23; tub, 21; one-pound prints (90 score), 21; tub, 20. Eggs—Hennery whites, 15; current receipts, 14; Government graded ex- tras, 18; standards, 16; mediums, 15. Poultry, alive—Turkeys, young hens, 16a18; young toms, 14al5; old toms, 8al0; young tcms, over 20 pounds, 11: old” hens, 10a12: chickens, Plymouth Rock broilers, 17a18; Plymcuth Rocks, unds and over, 17a18; under, 12a13; ed colored chickens, 13a15; Leg- horns, 10a12; colored hens, 12; Leg- horn hens, 8a10; hens, 4 pounds and over, 12al4; capcns, large, 17a19; small, 15a16; keats, old, 20a25; young, 25a35; roosters, 7a8. Poultry, dressed — Turkeys, yo hens, 19a21; young toms, 17al3; ol toms, 11a13; old hens, 13al5; chickens, Plymouth Rocks, 4 pounds and over, 20a21; under, 14a15; Plymouth Rock broilers, 20a21; capons, large, 21a23; small, 17a19; mixed colored chickens, 15: Leghorns, 14; rocsters, H hens, 4 pounds and over, 15al young, 20a30; old, 15a20. * Meats—Beef, 10%; veal, 13; lamb, 15; pork loins, 12; fresh hams, 12; smoked hams, 13; strip bacen, 13; lard, Tl; compound, T 8 Fruits—Nectarines, 3.50; plums, 2.50; watermelons, 1.00a1.25; apricots, 3.25; apples, fancy box stock, 1.50a2.00; bushel backets, 1.00a1.25; pears, 1.50a 2.50; mandarines, dozen, 40a60; cran- berries, 2.50; alligator pears, 2.50a3.00; oranges, 2.50a3.25; lemons, grapefruit, 2.25a3.00; pink meats, 6.00; tangerines, 1.25a2.f 00 bananas, 1.50a 2.50; rhubard, 5-pound boxes, 80aT78; strawberries, crates, 4.00a6.00; Span: melons, 6.00a7.00; _honeydews, e o0n 4.00; grapes, 2.00a2.25; pineapples, 5.00 a5.50; passion fruit, per dozen, 1.20; peachea, 3.50; kumquats, quarts, 20. Vezetsblea—Pnutoes Maine, 1.25a 1.35; New York, 1.15; Idaho bakers, 1.75a2.00; "Florida, new, bushel, 2.00a 2.25; sweets, 50a75; turnips, 40a50; parsnips, 1.00; salsify, per dozen bunches, 60; spinach, Norfolk, g Texas, 90a1.00; collards, 30a35; 30a35; cabbage, new, baskets, 7581.00; old, sack.s 60a75; stflng beans, 1.50a 1.75; limas, 3.25; buuhel 3.50; lettuce, iceberg, 3.25a; peppers, 1.50 a2.00; * squash, 2.50a3.00; - caulifiower, 150a1.90; mushrooms, 60a75; eggplant, 2503.00; tomatoes, repacks, 1.25a2.00; beets, dozen bunches, 60; carrots, dozen, bunches, 60; broccoli, 1.75a2.25; aspara- gus, dozen bunches, medium, 8.00; co- 110%31. 25.00; cucumbers, 7-dozen crates, ATTEMPTS TO HELP DEBTORS ARE GROWING MORE NUMEROUS Efforts to Are Being Made i FINANCI Scale Down Interest Rates in Congress and State Legislatures. Special Dispatch to The Star. NEW YORK, February 11.—¥Figures recently compiled by the National In- dustrial Conference Board for 1929 in- dicate that the interest-bearing debt in the United States, public and three years ago was appro: $155,000,000,000. ‘The service mately each 12 months on this debt is u,co'l- ume by the snowstorm and consisted in | 000,000. An analysis of domestic debt statis- ch shows that ghe rate on the debt is 5.60 per cent; or slightly less than the prevailing legal [ate in many States. Splitting it up into the different classes of debtors e discovers that t.he mwren $12,224,000,000 paid 131 farmers on their debts is 6 per cent; that fln lmuvidu;u includipg partnerships, is cent; omNGtate and local debu 5.4 W per cent, and “eq railroads, 4.50 per cent, with the geweral average materially affected by a carrying charge on the Federal debt amounting to a trifle over {4 per cent. Carrying Charges Mount. * The total amount of interest paid on all private and public debts 1929 was nearly eight and one-half times the prewar United States Government debt. With the increase in this debt this year to nearly mooooooooo the annual cost of carrying the obl: tlona of the United States is rapidly a) proaching a point where it equal.l tg; grincivll of the debt 15 re has been a reduction ln the debu of farmers in the past decade, but at the same time an e: ion of nearly 30 per cent in mdl ul] debts and al- most 100 per cent in last two items that the greatest respon- sibility rests for the growth in the in- terest chngu that are “mwinx away st us» end much of it developed since the end of the panic in the early “gn‘ of the it probl facing the e greal lems country at the present time is to ef- fect an easier situation for debtors. If we take 6 per cent as the average interest rate and reduce it to an aver- nce olSper cent, we have cut in the ‘cost of borrowed money|of I6% per cent, or about the a tion nlrudy made tl lout thl country in uw wages and sal, those still ‘This d interest redu nual service costs of the farmers on their debts by 8122000000 It would ease the cost to individuals of carry- ing their loans by uWMOOO a year sml to States |nd municipalities by about $135,000,000. It is l!lth‘nl?-ed that if the United States Government could refund at 3% per cent the Treasury bligati at 4% per | dividen obligat onlnowoum.lndmx o ‘.Fer cent, a saving of 000,000 a_year w be effected. This would bring the average interest rate on all Government obligations down to sbwt 3.75 per cent. Relief Bills Multiply. ‘Those ons of the total interest bearing debt in the United States on which it is hoped the :}(’ interest s e borrowings viduals. They include, w lbu extent, and urban real estaf The on t.hed mummm rate by Congress an: Legislatures, as well as by m holders is becoming more “‘“’m"‘“"‘"fi‘&’m“‘m’&“&"flfl lel 'homplylngwmmbe!lfledmbe rates of interest beymd present that of Bennm mll vho all rates cflon Hnuwe nob exceed 4 per cent. This would com- pare with present rates for institutional and corporation loans between 5 and 6 About one-fifth of the farm another authorizing the ernment to refinance all gages at 112 per cent. Creditor Incomes Affected. Negotiations are being entered into " | voluntary concessions sre being made. Interest rates on mortgages are are being reduced from 1 per cent to 3 per cent where necessity compels. It is the of In | States and munmpumeu. 1t is in these Telephmm G opinion today that we are entering a period when mm mon.ngu now being carried at 6 per cent will be placed on a 5 per cent and when many new mortgages will 'be sold at an interest rate of 41% per cent. In general such concessions being fected voluntarily or by statute to assist the debtor constitute one of the most helpful phases of this era of recon- struction. It is, of course, true that they contract the incomes of the credi- the ‘Tecucing carning powee of money u in such securities compels banks to Mthefltuolinwtutpdd'o de (Copyright, 1033) : REGULAR DIVIDENDS ONA.T.&T. EXPECTED Wall Street Draws Conclusion From Remarks Made by President Gifford. Special Dispatch to The Star. NEW YORK, February 11.—What appears to be an intimatioh that the regular quarterly dividend will be de- clared next Wednesday on American Telephone & Telegrlph capital stock is given in the annual report of the com- pany for 1932 ublished today. As been steadily ad- vancing rec—_'ntly. it is apparent that Wall Street takes the same point of view, which is good news for the 700,000 AL ISTEEL PRODUCTION ISAT131PER GENT Trade Journal Finds Usual Seasonal Gain in Mill Operatioris. By the Assoclated Press. NEW YORK, February 11.—With & 4.1 per cent gain in pig iron produce tion and a 19.1 per cent increase in steel ingot output, Iron Age said, Jan- uary fulfilled the usual seasonal ex- pectaticns on a percentage though the actual tennage improvement, was small, owing to the low Decem- ber base with which January figures receded slightly fr tha u(m;htm e om t o pre- ceding month, while steel ingot output went up 12.2 per cent. In January, 1931, the increase in pig iron was 3 per cent and that in ingots was 19.1 per cent, Ereclsely the same as in the past mont! Pig Iron Production. An:“gt én:n Sé)&'?ldslsxcllon last month ounted to 0ss tons, against 546,080 tons in Deceg;xber, or a daily rate of 18,348 tons, compared with 17,615 tons in the preceding month., Merchant iron output, declined last month, the gain in steel making iron h-vrlng amounted\ to almost 13 per cent. On February 1 there were 16 furnaces in blast making iron at the i Dlast on January 1. witha Sy pre- ol Jan wi a duction rate of 15,810 tons. il ‘Steel ingot production last month was better than in any month since last May, excepting October and No= vember. However, January did not quite recover to the level of November, When the daily average was 39,031 tons. The rate of production last month was 1778 per cent against 18.05 in No- 5 g fully earned, is to be found in a by President Walter S. Gifford ancial policy followed on the ‘which provided the cor- wm: large reserves to meet an emergency as it now faces. the 47 years of the exist- the company,” says Mr. Gif- has never made large profits, had by January 1, 1932, accum- by careful management and con- servative financing, a surplus mo\lntlng with its proportion of the lurp of its associated companies, to $29 per share of its stock outstanding. y_has never in any gE Y g g H 1t 1.1 558 oy =2 Egfis & (cvnvfllht» 1033.) GAIN IN IRON ORE MOVEMENT IS SEEN Decrease in Stocks of Metal May Mean Heavier Shipment From Lake Mines, By the Associated Press. Ohilo, February 11.— issued in Edinburg] totaled $15,750,000, $5,000,000 above the Trade Reports at a Glance. By the Associated Press. NEW YORK, February 11.- business conditions as re| 'l\blnld review of 'hnfanh to Bradstreet's this and retail week from the fol- lowing centers, on the basis of comptrlsom with conditions in the same areas in the corresponding week last year andjob trade. - PITTSBURGH—Coal demand for industrial use Retan trade. Quiet Fair Quiet Manutacturing and industry. Fair Quiet Quiet use on upgrade; outlook for glass industry pessimistic; tile output far below 1932; department store trade dull—collections slow; building permits largely for alterations. CHICAGO—Apparel show attracted 8,000 merchants—results better than last year; mail order houses wbfi' and 15.02 per cent in Decem- “This week’s steel ingot i g§&F 55 Iy i g K g i 3 g I Eéasg L 2R E; 8 Per Capita Use in 1932 Was Lower, Says Summary by Merchants’ Association. of ts of New York discloses. 884, More es were ,000 spindl h, | scrapped by the cotton tzxuu lndum'y during the year, b large shortages in these mlkln‘o!whlch'lllnnln consumption b IR R, EE BANK CLEARINGS EXCEED FIGURES OF YEAR AGO By the Associated Press. NEW YOI Fel 11.—A stantial lmpmv!mlfu:;,md mn“fl:- with January turnover; Ford and Chevrolet interests placing liberal steel orders; coal emmmpfim npmatmkcluflnnxormvee: ended Wednesday, the total exceeding ++ 1+ 1+ Life Underwriters’ Association, gave a rosperlty radio talk from ' Station ast evening. Mr. Jackson sees 18% 10% Goodyear Tire&Rub. Retter times ahead. 11% 7% Great Northern pf Local Bank Clearings Higher. 1, 5% GreatNorthern Ore Bank clearings in Washington for the 153 wrpe o k3 week ending February 8 were over|1% 1 Grigsby @runo 82,000,000 higher than in the previous 214 1% Hahn Dept Stores ‘week, and the percentage of decrease| 18 15 Hamilton Watch pf. 16% 14 Gold Dust (1.20).... 101 Univ Leaf Tob pf(: 6% 4 Goodrich (BF)..... ——— U. S. TREASURY BALANCE. By the Assoclated Press. Treasury receipts for February 9 were $6,574,577.66; expenditures, $13,199,- 155.44; balance, $365,240,866.52. Cus- toms duties for nine days of February limited due to mild weather. that of a year ago.for the first time CLEVELAND—! in several years. While the increase was mainly at New York City, some outside centers also showed a gain. for all leading clt.le- h: the mflumui sc“‘u f .:4 717,171, Wfl WGI DETROIT—Employment index takes sharp di to 28 per cent as a 0., of was result of the strike at Briggs and, in turn, the compgzte shut-down nx the | |per cent hrxer than that of last year. Ford plants; Winter merchandise at retail moving slowly, but stocks low; week are larger by -Wholesale commodity prices at lowest point-this year; Youngstown steel operations gt about 20 per cent of capacity—order for 14,000 tons, the largest in years; tire price war at Akron continues without abatement; Standard Ofl Co. connmcunl largest emulsion plant in the country. % % Vadsco Sales Corp 30 24 Van Raalte 1st pf. 20% 15 Vulcan Detinning. % Ward Baking (B). L AR ANT 3 db @ mnt.houolme from the corresponding week a_year 8go was also more favorable. Balti- more, Richmond, Norfolk and other fAifth district cities also reported ad- wances in clearings, as did the country ®s a whole. Directors of the Virginia Public Ser- wice Corporation, meeting in Alexan- dria, declared the regular quarterly dividend of $1.75 a share on the 7 per cent cumulative preferred stock and $1.50 a share on the 6 per cent cumu- lative preferred stock, both payable April 1 to stock of record March 10. The American Express Co. reports 1932 net, income of $1,086,802, equal to 8604 a share, against $1,100,942, or $6.12 a share in 1931. ‘Total money in circulation on Janu- Bry 31 amounted, to $5644,652,165 ®gainst $5,674,941484 for the month earl T and 85 641,205,046 on January 932 ?er capita basis, circu- wu on January 31 $45. o! a month earlier and $45.31 8 year ecruer Retail Snlel Increase. NEW YORK, Februs 1 .—Re- sales of co\d-wnf.‘!;r:t m!r(g’}hnndlu 52 45% Hanna pf (7).... 21% Wu rn Union...... 8 6% Harbison & Walker 57% 49% Hershey Choc (5)... 80 75 Hershey Choc pf(t5) 7 3% Holland Furnace. ... 163 145 Homestake Mim (9).. 15% 12% Houston Ofl....... 3% 2% Houston Oil (new). 15% 11% lilinois Central. . 38% 28 Industrial Rayon (2) 31w 23 Ingersoll-Rand(1%) T% 4% Interboro Rap Trans. 97% 87% Int Bus Mach (6).... 4% 2% IntCarriers Ltd 20c. % 1 Int Combustion..... 25% 19% Int Harvester (1.20). 1% FFEEE wF FREREF FE I++1 1+ w 11 6% 1+++ 5% 89 FEFFE EF 4% in stock. s Faid iy stock. 19% — % 1% stock. Y 19% 1% o Pavable in 1% Int Merchant Marine PIEDMONT BANKERS HEAR ADDRESS BY MILLER Special Dispatch to The Star. CULPEPER, Va., February. 11.—The regular quarterly meeting of the Pled- mont Virginia Bankers’ Association, whlch compruu the Counnu of Cul- premt Stuart chairman for 1933, presided, mAI addresses were made, among those speaking being Giles Miller, jr., of Cul- ghe association, which was organized two years ago in Culpeper, holds regu- lar meetings for the discussion of such banking problems which are common to all banks and is marked by a strong spirit of co-operation and mutual help- fulness. Members were present at this meeting from the towns of Gordons- ville, Madison and Washington, in Rap- pahannock County, and Stanardsville, ge, Culpeper and Rapidan. —_— able Spoing merchlnd.ln. n(fll! 11% Westing’se Air B(1). 26 Westinghouse Klec. ., 17 Wheeling Steel pf. .. 14% White Rock M S (2). 1 Willys-Overland.... 31% Woolworth (2.40). ‘Worthington Pump. . 5% Young Spring&W (1) 13% _ 9% Youngstown Sh&Tu.. = % Zenith Radlo Dividend rates as given in the above Ppayments based o the Iatest quarteny or hai *Unit of trading less than 100 shares. cash or 1Plus §: m Pald \d las: year—no resular rate. V441 +1+ 5 table are the annual cash rly declarations. tly extra. - 1Bl this nlr—nn l' |ll b Payable in ock. 1 Blus a-r. °1= 1 in luclll PYG!&H’M stos ln Sl 5% In stock s in Passenger Travel Gains. BALTIMORE, February 11 (Special). —American coastwise passenger ship- ping appears to be one of the few ac- tivities making progress in spite of un- rlvonbu economic conditions. Reorders on millinery are mflnfl in | Co. good volume reflect! 1 favor- e i | chester, tho company's Iargest and a1 est ships, ou th: route. were $5,521,292.29. e BERNET HEADS NICKEL PLATE CLEVELAND, February 11 (#).—John J. Bernet, operating ace of the far-flung Van Sweringen railroads, celebrated his 65th birthday anniversary by smashing into another job. It was his first day es president of the Nickel Plate Railroad, an office given him Wednesday in addition to his duties as president of the Chesapeake & Ohio and the Pere Mnrquene Railroads. NEW YORK E BANK STOCKS NEW YORK, Febmlry 11 (#).—Over- the-counter market. (Quotations as of 10 o'clock.) BANKS. Bid. Chase (2) ... 20 Sorn Exchanse (4) ... Empire (2) Guaranty (3 Irving (1.60)' Manufacturers (2) *Includes extra. pplrelmddry'oodsdemmdlhmun t increase. INDIAN. to_ improve APOLIS—Department store trade failed January; moderate demand for attractively priced Winter goods; mmm. vm attendance stimulates general trade. ‘Tobacco manufacturing companies resume full opera- tions with numerous unfilled orders on hand; printing trade enjoys good volume, with employment at highest polnt reparing wfl for Spring planting. P PN' 8 Pl vere snowstorm ti lnw eb make. feature ot reull trade; indunry at lwldin( up well; hard to in six months; farmers : “sales” the {ood pmdueu and drugs Momm—whnleuh and retail trades in seasonal lull; industry opel’lt!nl olf skeleton forces; bank farm comm agencies to cApacity. DUL! and allied lines at low ebb; affecting business sentiment; suspensions ty prices continue lower; unemployment taxes welfare ‘Sales” ent at mu with fair resulu- frequ Iumbaiu severely restricted; unemployment lerlom —Spring exceed restrict poor Dl’oductlon d in western section. polnting. Spving KANSAS CITY- market week in progress; wholesale equal 1932; muumhme lowest in years; le-dmdnncnu. Eastern Kansas wheat in good &lg in fair volume; live stock receipts fair; wbel'e‘k about 90 per cent of corn uwmumnml \UL—Wholesale volume moderate—orders for immediate -hlp— $475,935,000 ceding week, whereas a year ago was a decline of $894111,000 for the jparative week., The increase at PHiladelphia is considerably larger than it has beeh heretofore and there was a gain this week at New Orleans as well. At nearly every city where & decline has been shown heretofore, the loss is now for a3 nominal amount only, Clearings at all mdmz points, m-! ing increases decreases as com: pared with .sum: period a year ago, follow: (Totals in thousands.) Week Feb. 8, 1933, seeeees SIORTET 290.000 !’ !‘."'?g Boston ... Philadelphia Baltimore s HEEE Y?Efi?i’?fi?iifl?fi?fi? $4.717,171 Average Daily. g ¥